₦airaland Forum

The after-tax profit of First Holdco, the parent company of Nigeria’s oldest bank, First Bank, rose to the highest in at least 12 years in the fiscal year 2024, according to its latest financial statement.

The group’s after-tax profit rose by 115.1 percent to N663.4 billion from N308.4 billion in 2024. Its interest income, which often accounts for the lion’s share of lenders’ revenues, surged by 155.3 percent to N2.39 trillion, driven mainly by loans and advances to customers at N1.36 trillion, investment securities at fair value of N436 billion, and loans and advances to banks at N183 billion.

First Holdco’s net interest income rose to N1.4 trillion in 2024, a 156.4 percent increase from N546 billion recorded in 2023.

The holding company saw its interest expense grow 155.3 percent to N996 billion on the back of N615 billion expense on deposits from customers, deposit from banks expense, which stood at N210.1 billion, borrowings and others at N169 billion.

First Holdco’s revenue from external customers was N3.27 trillion, comprising the commercial banking business group (N3.1 trillion), the merchant banking and asset management business group (N103.5 billion), and others (N6.2 billion) for the period ended December 2024.

Net fee and commission income during the period stood at N244.8 billion in 2024, up 30.8 percent from N187.1 billion in 2023.

The bank’s foreign exchange loss fell to N64.9 billion from N334.2 billion reported in 20223.


Net loss on sale of investment securities amounted to N48.1 billion in 2024 from a gain of N34.8 billion in the similar period to 2023.

The analysis of the cash flows of the holding company reveals that the net cash flow generated from operating activities amounted to N5 trillion in 2024, up 331 percent from N1.16 trillion in 2023, as cash from its core business boosted the group’s operating revenue.

Net cash flow used in investing activities stood at a negative N1.58 trillion from N319 billion in the period reviewed, driven by a N2.4 trillion purchase of investment securities by the holding company.

Net cash flow used in financing activities stood at a negative N463 billion in 2024 from N35.3 billion in 2023.

Dividend income grew 85.9 percent to N10.6 billion in 2024 from N5.7 billion in 2023

Cash and cash equivalents rose to N5.7 trillion in 2024, 181 3 percent decline from N2.68 trillion in the first quarter of 2023.

First Holdco’s basic and diluted earnings per share rose to N1,831 in one year from N853 in the same period of 2023.

The Board of Directors has recommended a dividend of 60 Kobo per ordinary share of 50 Kobo each, amounting to N25.1 billion for the final year of 2024.

ITSOtech:
That's what everyone investor wants to hear.

Moroccoguy:
They have successfully milk the poor dry.

Moroccoguy:
They have successfully milk the poor dry.

omoredia:
High in terms of nominal value but in terms of the true value of profit made (factoring inflation) it was the lowest in 12 years.


If u make 200k in 2015 it is now equivalent to making N2.5m today. Thats how bad apc has destroyed our nation.

MEEVEET:
The kind propaganda APC do eh... Well they know Nigerians are dumb sha

First Bank profit was 157 billion in 2015 ... That's over 700 million dollars

Today's profit is less than 450 million dollars

Parrot69:
Though it's partly Government owned bur this is the best Bank in Nigeria.
No Cap.

Mynd44:
Femi Otedola effect?

Moroccoguy:
They have successfully milk the poor dry.